Timeline: Alliance Trust

Timeline: Alliance Trust

1888 - Alliance Trust formed through the merger of three Dundee-based companies.

2008 - Katherine Garrett-Cox becomes chief executive of Alliance Trust, having previously been chief investment officer.

2011 - US hedge fund Elliott Advisors declares a 3 per cent stake in Alliance Trust.

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2012 - This is increased to a 5 per cent stake.

2014 - Elliott declares a holding of 10.6 per cent in Alliance Trust.

16 March 2015 - Elliott calls for three new non-executive directors to be appointed to the Alliance Trust board at the upcoming AGM because of its underperformance.

20 March 2015 - Alliance Trust tells shareholders to vote against the proposal, kicking off a war of words between the two camps which rumbles on for several weeks.

7 April 2015 - Several other shareholders, including Tilney Bestinvest and Axa, say Elliott has a case about Alliance Trust’s performance, but stop short of endorsing its activism.

20 April 2015 - DC Thomson, the third largest shareholder, announces it will back Alliance Trust at the looming AGM.

28 April 2015 - Alliance Trust and Elliott reach a deal on the day before the AGM that consists of two of the three non-executive directors being appointed while Elliott withdraws its motion and does not agitate against the company until after the 2016 AGM at the earliest.

21 September 2015 - Elliott increases its 12 per cent stake in Alliance Trust to 14 per cent.

24 September 2015 - Alliance Trust has appointed former Ignis chief executive Chris Samuel and Karl Sternberg, a founding partner of Oxford Investment Partners, to its board as non-executive directors, a move it said was not requested by Elliott but was made in consultation with its largest shareholders.

[This story added to ‘Top names leave in Alliance Trust board shake-up’]